EU Releases List of Tax Havens

The European Union adopted a much-anticipated blacklist of 17 tax-haven countries on Tuesday, opening the door for future sanctions against them, Reuters reports.

American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia and United Arab Emirates were named as tax havens the EU has decided to combat under public pressure surrounding the revelations of the Panama and Paradise Paper leaks.

According to The Guardian, this number has been whittled down from the 92 countries warned about a potential screening in January, including the United States and China.

The list was further reduced to 41 in October, when Brussels notified countries that did not meet its financial transparency and fairness standards that they would be blacklisted barring serious pledges for reform.